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Personal Finance

Here’s how to save over €7,000

Here’s how to save over €7,000
Daragh Cassidy

Daragh Cassidy

Head Writer

You could save over €7,000 this year just by switching your most common household bills.

What if it told you there was a way to easily save over €7,000 this year. You’d think I was lying, right?

Well there is a way and this article is going to tell you how to do it. 

1. Switch your mortgage and save over €200 a month

Your mortgage is likely to be your biggest household expense so this is one bill you don’t want to overpay on. 

Right now if you’re paying a mortgage rate of 4% and have €250,000 remaining, you could save €214 a month if you switched to KBC’s 2.30% fixed rate over three years! What’s more, KBC will pay you €3,000 cashback to entice you to switch. So that's over €5,500 in one year for switching.

If you’re already with KBC, don’t worry, as there are great rates on offer from all the other lenders too such as Ulster Bank's 2.30% fixed rate over two years and Finance Ireland's three-year fixed rate of 2.40%.     

How to switch

First find out the following three things: the interest rate you’re currently paying, the number of years remaining on your mortgage, and the amount remaining on your mortgage. This can all be found on a recent mortgage statement or sometimes through your online banking. 

Then use our mortgage calculator to find out how much you could save by switching.

If you’re impressed with the savings, then fill in your mortgage application or arrange a callback from a qualified financial advisor to get the ball rolling.  

2. Switch your broadband and TV provider and save almost €50 a month

Staying up-to-date with all the latest sporting action, movies and TV programmes isn’t cheap. So you need to make sure you're not overpaying. 

Right now someone who is on Virgin Media’s ‘Mix 250’ (home phone, broadband and TV) and is paying €89 a month could move to Eir’s broadband, home phone and TV package with Apple TV for just €39.99 a month for 12 months. Customers with Eir also get Amazon Prime Video for free for a year (usually €5.99 a month) saving another €71.88 a year.   

Already with Eir? Well big savings are available if someone switches from Eir to Virgin Media as Virgin is offering its 'Mix 250' package for €60 a month for 12 month to new customers.

How to switch

Head over to our broadband comparison service, input your address or eircode, and we’ll take it from there. 

3. Switch energy supplier and save almost €400 a year 

Even in warmer months gas and electricity bills can be a source of worry and financial strain for many. That’s why it’s important to make sure you’re not overpaying on your energy bills. The good news is that savings of up to €400 a year are available right now to those who switch. 

How to switch

To switch energy all you need is a recent meter reading and an estimate of how much energy you use either in kWh or in euro. For gas you’ll also need your GPRN and for electricity your MPRN. Both these numbers can be found on a recent bill.

One you have all this information to hand, head over to our energy price comparison service and get going. It’s quick and easy to switch and can all be done online in the space of a few minutes. Over 25,000 people switch electricity supplier every month and over 10,000 switch gas supplier so why not join them! 

4. Switch current account and save over €100 a year 

Fed up with your bank’s pesky fees and charges for managing your own money? Well the good news is that there are now 10 current account providers in Ireland so there's never been more choice.  

For example if you’re an Ulster Bank standard account holder who makes five chip and pin transactions a month, five cash withdrawals a month, two contactless transactions a day, and has a total of 15 direct debits, standing orders and/or lodgements presented on the account a month, you could save over €100 a year by switching to either the KBC* Extra current account, N26, Revolut, or the EBS MoneyManager account.

An AIB standard account holder who switches would save €87 a year. 

*For KBC you must lodge €2,000 into the account each month.      

How to switch

See here for more info on how to switch current account provider.   

5. Switch health insurance and save over €500

We’re great at switching car insurance but for some reason this doesn’t extend to other forms of insurance. As a result, it’s unsurprising that previous research has found that two out of every three health insurance members are potentially on the wrong plan. Older plans in particular are often outdated in terms of what they cover and offer very poor value. As a result, the potential savings for shopping around can be huge with savings of €500 or more on offer. 

The following plans, covering each of the health insurers in the market, are examples of poor value schemes that are too expensive relative to other options now available. Any consumer on these plans could see savings of over €500 a year and should review their cover as a matter of urgency;

VHI Plans such as Health Plus Choice (€2,948), Health Access (€1,756), Forward Plan (€3,271), PremiumCare (old Plan E - €4,597) and even Family Plan Plus Level 1 (€1,635)

Laya Plans such as Essential Plus (€3,793), Essential Plus Excess (€2,852), Flex 125 Choice (€2,395), Company Health Plus no Excess (€2,421) and Health Manager (€4,917)

Irish Life Health plans such as Level 2 Hospital (€2,821), Level 2 Complete Health (€3,689), Optimise Silver (€3,973) and Optimise Platinum (€6,605)

How to switch

Head over to the health insurance section of our website and fill in some details about yourself and the health cover you require. Then book a consultation with our expert health insurance adviser. For a small fee they'll go through the more than 300 plans currently available in the Irish market to find the one that best suits your needs.  

And finally... review your life insurance cover 

Reviewing your serious illness, mortgage protection and life insurance cover can also save you money.

And if you’re an ex-smoker who’s been off cigarettes for over 12 months, you can apply for new cover either with your current provider or a new provider on non-smoker rates. These rates are often half the price a smoker is charged. So if you’ve given up smoking for over a year, now’s a good time to review your cover.   

At bonkers.ie you can easily compare quotes and benefits from Ireland’s main life insurance providers. And once you've found the right policy for you, you can can apply online on our site in just minutes. And best of all our service is free, easy-to-use, 100% impartial and accurate.

 

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